Retailers are reporting double-digit sales increases – on average up to 15pc – over last year.

Shoppers have embraced American-style post-Christmas sales with a passion with hundreds of bargain-hunters queuing outside urban department stores in Dublin, Cork and Galway as early as dawn.

The St Stephen's Day surge continued yesterday, with retailers reporting large crowds of shoppers around the country.

"It's becoming a national pas- time," said David Fitzsimons of Retail Excellence Ireland.

"It proves that sentiment has shifted significantly. People have money but they're being cautious. And how much they saved in the sales is now becoming a talking point," he said.

While many have rushed to buy fashion items, consumers have also been seeking deals on furniture, electronics and other big-ticket items – prices were slashed by up to 60pc by some retailers, he added.